Fundtech Survey: Cyber Crime Out of Control
A lot of senior bank executives think cyber crime will never be controlled and even more say their customers would switch for better security.
Those were among the responses that Fundtech Ltd. culled from a group of about 100 executives from more than 50 financial institutions the global payments company surveyed at its users conference in June in Washington, D.C.
The company said 65% of the respondents said fraud monitoring is their biggest challenge, a jump from 53% from last year, while 66% “believe that the industry will never be able to get cyber crime under control,” Fundtech said.
Meanwhile, 74% said they think their small and medium-sized enterprise customers would be willing to change financial institutions to get better security and 79% said they think that “only a small fraction of their business client base understands their liability for fraudulent transactions.”
“With little expectation that cyber attacks will be brought under control anytime soon, banks, their customers and their technology suppliers must collaborate in order to effectively quell this growing challenge,” said George Ravich, Fundtech’s chief marketing officer.
The company also asked the group about mobile banking, and 44% said they strong interest and demand from their business clients, compared with 26% who said so last year.
“We were not surprised to see bankers reporting a significant jump in interest for mobile banking services among their business clients,” Ravich said. “With the growing momentum in the market for everything mobile, this is an area of great opportunity for banks who fully embrace the mobile channel for their business customers.”
On a couple other topics, Fundtech said 71% of the executives in their instant audience poll said regulations negatively impact their business, 54% use social media in their professional lives and 75% use social media in their personal lives.
Fundtech is an Israeli company with U.S. headquarters in Jersey City, N.J., and provides payment and cash management systems and what it says is the world’s largest SWIFT service bureau to more than 1,000 clients.